Stocks on Wednesday had their steepest losses in over two years, following disappointing earnings from U.S. retail behemoths Target, Walmart and Lowe's.The Dow Jones Industrial Average fell 1,164 points, representing a 3.57% decline. The Nasdaq was off 4.73% and the S&P 500 shed 4.04%.
It's the fourth time in 2022 that the Dow has fallen by more than 900 points, something that never happened in 2021.The Nasdaq is now down nearly 28% for the year, while the S&P 500 is off 18.2%."The Charlie Brown shirt market continues, with big moves up and down seemingly every day." —Retail results caused investors to worry that corporate America's inflation-defying act may be in jeopardy, even if it isn't showing up in consumer data.
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